Employees have increasing demands on every paycheck
But they don’t always take advantage of programs and benefits that can save them money. Providing a Flexible Spending Account is a great place to start.
Why MyChoiceTM Accounts?
An FSA shouldn’t just be flexible in name. We built our technology to support your unique FSA attributes, allowing you to deliver a benefit that fits your diverse workforce. We manage healthcare FSAs (HCFSA), dependent care FSAs (DCFSA) and limited purpose FSAs (LPFSA), all with a variety of rules and configurations. We have the flexibility to configure your plan design to meet your needs.
Putting FSAs to Work
An FSA is a savings account benefit that allows employees to contribute a portion of their regular earnings for qualified medical expenses. Its purpose is to help participants pay (tax-free) for eligible out-of-pocket expenses based on the account type. The FSA is a critical part of helping your workforce set aside the funds they need to cover their medical expenses throughout the year.
- HCFSA: Use the HCFSA to pay for eligible out-of-pocket medical, prescription drug, dental and vision expenses not covered in full by another benefit plan.
- DCFSA: Use the DCFSA pay for eligible childcare and/or eldercare expenses services that allow an employee or their spouse/partner to work, go to school or even job-hunt on a full-time basis.
- LPFSA: Use the LPFSA pay for eligible out-of-pocket dental and vision expenses not covered in full by another benefit plan. Paired with an HSA, the LPFSA is a great way to preserve the HSA funds for the future.